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Public banks also protect us from the worst forms of predatory capitalism. Reporters Trey Bundy and Shane Shifflett last January wrote in the San Francisco Chronicle on how one of Wall Street’s numerous scams works. When the Napa Valley Unified School District in California needed funds in 2009 to build a high school in American Canyon it took out a $22 million loan with no payments due for 21 years. “By 2049, when the debt is paid,” the paper noted, “the $22 million loan will have cost taxpayers $154 million—seven times the amount borrowed.” And Napa, the paper reported, is one of at least 1,350 school districts and government agencies across the nation that have engaged in this form of borrowing, called capital appreciation bonds, to finance major projects. Capital appreciation bonds mean billions in debt for the public and hundreds of millions of dollars for the speculators, the reporters pointed out. And this kind of scam is writ large across the entire society.
“California public schools received $9 billion in loans over the last seven years,” said Armstrong, who is from California. “In 25 to 30 years the interest due on that $9 billion will be $27 billion. This is just one example of the massive societal crisis being caused by big banks. Wall Street investment banks should not be permitted to handle public financing, which has become simply another way for Wall Street to monetize and extract our nation’s wealth.”
I wonder if this movement can take off.
http://www.publicbankingcoalition.org/our_plan
-Measuring the counter-cyclical impact of the Bank of North Dakota from 2008 - 2010
-Determining the velocity of money in North Dakota and the connection between the new money created by BND and the state's $40B GDP
-Projecting the impact (on those who are unbanked or underbanked) of a US Postal Savings Bank in a sampling of states
-Developing the technical specs for a dual-currency (USD and local currency) payment system on a mobile platform
http://webofdebt.files.wordpress.com...ollarhit-5.jpg
Public banks also protect us from the worst forms of predatory capitalism. Reporters Trey Bundy and Shane Shifflett last January wrote in the San Francisco Chronicle on how one of Wall Street’s numerous scams works. When the Napa Valley Unified School District in California needed funds in 2009 to build a high school in American Canyon it took out a $22 million loan with no payments due for 21 years. “By 2049, when the debt is paid,” the paper noted, “the $22 million loan will have cost taxpayers $154 million—seven times the amount borrowed.” And Napa, the paper reported, is one of at least 1,350 school districts and government agencies across the nation that have engaged in this form of borrowing, called capital appreciation bonds, to finance major projects. Capital appreciation bonds mean billions in debt for the public and hundreds of millions of dollars for the speculators, the reporters pointed out. And this kind of scam is writ large across the entire society.
“California public schools received $9 billion in loans over the last seven years,” said Armstrong, who is from California. “In 25 to 30 years the interest due on that $9 billion will be $27 billion. This is just one example of the massive societal crisis being caused by big banks. Wall Street investment banks should not be permitted to handle public financing, which has become simply another way for Wall Street to monetize and extract our nation’s wealth.”
I wonder if this movement can take off.
http://www.publicbankingcoalition.org/our_plan
-Measuring the counter-cyclical impact of the Bank of North Dakota from 2008 - 2010
-Determining the velocity of money in North Dakota and the connection between the new money created by BND and the state's $40B GDP
-Projecting the impact (on those who are unbanked or underbanked) of a US Postal Savings Bank in a sampling of states
-Developing the technical specs for a dual-currency (USD and local currency) payment system on a mobile platform
http://webofdebt.files.wordpress.com...ollarhit-5.jpg
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